IT- BPM Strategic Review – If Your Calling is Strategy, then You can’t Miss
NASSCOM’s Strategic Review, an annual publication, is widely considered as the IT industry’s almanac. An industry which is characterized by dynamic growth & diversity, often, it is very difficult to capture the essence in its entirety. This is precisely how Strategic Review or SR, as it is popularly known, positions itself. It is able to dissect all the sectors in appreciable depth, go back in time (as well) to chart out progress and build a unique narrative around it. This in turn paves the pathway for strategizing for future, and has proved to be an effective tool for leaders to negotiate VUCA.
To be more specific, 2016 was a volatile period in time. Global markets, geopolitical developments, tech shifts et al, gave very little breathing space as disruptive thinking increasingly vied for C-suite mindshare. In the recent past (’14 & ’15) global tech spend had been relatively flat. In 2016, finally the shackles were removed to clock growth, albeit a modest one at that – 4% or thereabouts. The global IT-BPM market sans hardware is estimated to be 1.2 trillion dollars as on date. The challenge ahead of CIOs today, is being able to choose the right technology to invest in, which will result in customer acquisition and retention in equal parts.
Indian IT BPM exports grew by 7.6% in FY ’17, but most interestingly, ER&D and product development continue to grow faster than industry average at 10.5% driven by embedded software and lending heft to the much touted idea of blurring line between hardware and software. Is software really eating the world?
FY 17 will see industry revenue touch 154 billion USD, up from 143 billion USD in FY 16, and showing a growth of 8 per cent. E-commerce revenue will fetch an additional 11 billion USD. The IT BPM industry continues to have a rather impressive grip on services, accounting for nearly 50% of the country’s total services exports. Overall, it contributes nearly 8% to the nation’s GDP, and employs 3.9 million people directly. An increase of 170K people over last year.
Robust as these data points are, they continue to secure India’s stronghold in the global IT map. In addition, much needs to be said about the startup dream as well. With nearly 4800 of them, and in third position globally, the country is fast claiming its own as an innovation powerhouse. Since 2014, the share of digital as part of industry’s exports has gone up by as much as 3 times (From 4% in ‘14 to 14% in FY ’17). This has been aided by ubiquitous access to enabling technologies at rapidly increasing efficiencies. The response from tech service providers have been no less extraordinary, as they continue to rally around using internal capabilities and exploring the external route of building strategic partnerships. At the heart of this change has been the customer, and his expectations which have to be constantly met to create a stickiness factor.
India’s value proposition has been tabled many times over – omnipresent mobile connectivity of more than a billion users, domestic market opportunities, government’s intent to go digital, young workforce are not at all unknown to us, and reams have been written on it. India, over the past two-and-a-half decades have built capabilities that are world class – continuously been a preferred destination in tech business, emerging as global R&D hub for MNCs, 700 Offshore Delivery Centres spread across 80 countries, just to touch the tip.
The Strategic Review is yours to be had. It is that unique document which seamlessly ties the past & Present to the future, to create a powerful narrative that makes us all very proud of what we have achieved thus far, and what we are further capable of, as we rally around to reimagine and reinvent ourselves.
The rules of the game have changed, and so have we!
Download the IT- BPM Strategic Review report from here.